MoneyGram has launched new system which reduced online purchase fraud by 30%

One of the leading money remittance services MoneyGram International has announced introduction of the newest technologies to protect its clients and agents against fraud. New system called Global Compliance allows the company to identify suspicious transactions or high-risk transactions by scanning. Those transactions which look suspicious are suspended until further investigation.

The rules and guidelines used to detect fraudulent transactions were developed by MoneyGram. According to the company statement the system has already helped MoneyGram to prevent more than 1,000 frauds just during the period of less than 2 months. Also it was added that MoneyGram has reduced internet purchase fraud by 30% within the same 2 months.

"MoneyGram takes fraud very seriously… We have established systems and processes to enhance safe and reliable money transfers, train our agents and employees about fraud, and to educate consumers on ways to safeguard their money. These new technologies are one more step in creating a world-class consumer anti-fraud program,” commented Dennis Wildsmith, VP of transaction services and fraud prevention at MoneyGram.

Currently this system checks all the send transactions from Canada and the United States to anywhere in the world.